The High Commissioner-Designate, Indian High Commission, Mr. B.N Reddy, has stated that Nigeria remains the major focus market in Africa. Ruddy also expressed delight over Nigerian government’s on-going massive programme towards diversifying its economy beyond the oil and gas to create yet another opportune moment for expanding the existing engagement in agriculture, manufacturing, infrastructure and mining.
Reddy who spoke at India Aftermarket Auto Show by Automotive Component Manufacturers Association of India (ACMA), in Lagos stated that Nigerian government’s new drive will provide for both existing and prospective Indian businesses in the country, including providing Indian automotive and auto components’ industries a huge opportunity to get intrinsically linked to boosting both countries’ economies.
He disclosed that Indian industry and businesses are keen to engage further with their Nigerian counterparts to take advantage of the untapped potential between the two countries in diverse sectors of the two countries’ economies, saying that the launch of ASSOCHAM India-Nigeria Business Council in Abuja, June 28 this year, in the presence the Minister of Trade, Investment & Industry, Mr. Okechukwu Enelamah, is symbolic of the recognition by the Indian businesses of the importance of Nigeria as a growing and strong partner.
Drawing attention to the prevailing enabling environment between India and Nigeria to advance business propositions, Reddy said, “India-Nigeria engagement is historic and deep-rooted.
It has been strengthened in the post-independent era. Our two countries share democratic norms; bestowed with multi-ethnic diversity; enjoy people-to-people ties and similarity of orientation on a range of global issues.” He also said that both countries are enjoying many complementary and comparative advantages which need to be harnessed for mutual benefit, growth, employment generation, and overall progress.
“In a sense, ACMA, is one such mutually beneficial engagement that could not only expand bilateral trade between both countries, but will also spur employment generation in Nigeria.
Nigeria is the largest economy in Africa and contributes a quarter of Africa’s GDP and with a fifth of the population of the Continent, is major market and also a key hub for entering the West African market. It is this realization that is sinking fast in the mind of Indian companies and businesses.
The ACMA delegation should note that Nigeria is rated among the Next 11 leading Global Growth Generators (3G) over the next 40 years.”
Reddy explained that over time, India widened the scope of its economic engagement with Nigeria, as many Indian companies now have significant presence in key sectors of Nigerian economy, including IT, power, automobiles, telecommunications, agriculture, defence, health, electricity transmission, pharma, steel, herbals, software services, machinery and expertise in the form of joint ventures and consultancy services. “Our bilateral trade during 2015-16 stood at US $12.8 billion, with a lion’s share in oil and gas imports from Nigeria.
Even though Nigeria is India’s largest trading partner in Africa and India is Nigeria’s largest trading partner globally, there is a strong realization about the vast untapped potential. This calls for expanding the basket of items of trade, with focus on non-oil and gas sectors,” he submitted.
Also speaking at the event, the Director, Policy and Planning, National Automotive Design and Development Council (NADDC), Luqman Mamudu said India has reached a very high level in quality achievement and, “That is why we encourage them to sell to Nigeria because we are hoping that as they are selling to Nigeria and defining partnership with some of our people who are buying from them, there is nothing wrong with them setting up production facilities locally”, Mamudu said, adding that, “If they are now producing in Nigeria, that means there is a possibility for them to employ our people and also remove the incidences of fake parts and this will impact positively on the balance of payment because we are spending so much on importation,” he concluded.
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